As we enter 2024, a lot of women are looking to be more financially savvy. With research showing that women are most affected by the cost of living crisis, getting back in control of money is something on most people’s new years resolution list. The best way to do this is by mastering your money mindset, learning how to make a budget, and reaching goals.
It may seem scary but it’s not about becoming a financial wizard overnight. It’s about adopting a set of attitudes, beliefs, and practices that’ll empower you to conquer your financial goals. Interested? Here are our top tips to mastering your money mindset in 2024.
Set financial goals
What is it that you want to achieve financially? Are you looking to save a certain amount of money per month? Get out of debt? Build an emergency fund? Save for a holiday? It doesn’t matter whether it’s big or small, setting a goal can help give you a structure and a clear plan of action. It’s worth sitting down ad having a real think about what’s most important to your financial wellbeing.
Create a budget
Now you have your end goal, it’s time to create a budget. Sticking to a weekly budget can help you keep track of all your outgoings, manage your spending habits, and prepare you for emergencies.
How to create a budget
There are plenty of free, online budget templates you can use to get started. Money Helper has created a budget planner which is easy to follow which can be viewed here.
You aren’t alone in your money mindfulness journey. In fact, there are online communities which are dedicated to financial wellness. Follow influencers, listen to podcasts, and read books that align with your financial goals and mindset. This will keep you motivated, positive, and inspired.
There is an influencer for everyone. Some are more general, some are designed for women and motherhood, the list goes on. Here are some we recommend:
Avoid impulse buying
Impulse buying is something we are all guilty of at some point in or life. We are constantly surrounded by marketing ploys which make us want to buy non-essential items without thinking. They often promote a fear of missing out on the latest trend or gadget, which triggers us into spending money we don’t really want to spend.
It’s nice to treat ourselves every once in a while, but you must make sure to not let it become a habit.
Ways to overcome this include waiting 24 hours before buying something, creating a ‘fun budget’ to allow controlled splurges, and unsubscribing from marketing emails.
Don’t be afraid to ask for help
There is nothing embarrassing or weak about needing extra support. Sometimes we need a helping hand to guide us in the right direction.
Luckily, there are many charities and organisations which can help you with your financial wellbeing and money mindset. Your local Citizens Advice can provide free support, find your nearest one here.
If you’re based in the Liverpool city region, our Mind and Money programme can help you master your money mindset in 2024. From specialist debt advice to energy saving tips and how to create a budget, our team can help.